Chinese food packaging company Tenwow was listed on the Hong Kong Stock Exchange in September 2015. In May 2018, the company disclosed that its chairman and controlling shareholder was assisting Chinese authorities with an investigation into one of its distributor joint ventures. Five months later, in August, Tenwow requested a suspension of share trading after uncovering a number of abnormal transactions involving unauthorized financial assistance and prepayments. In September 2019, a forensic investigation reported that it was unable to reach firm conclusions due to limited access to information. The following month, Tenwow released its FY18 results, reporting a loss of RMB4.2bn, including impairments of RMB3.2bn related to prepayments, inventories, joint ventures, and fixed assets. The company was subsequently delisted and liquidated.

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